Do you like talking about money? I know when I started, determining my coaching fees was one of the hardest things to do. Looking for clients and setting up my sessions were the least of my problems. I always had issues when it came time to talk about money and how much I thought my services were worth.
The coaching fees you charge are one of the most crucial decisions when you are starting your coaching business. The amount that you will charge will directly determine how many people will buy your service. If you are looking for a good start to your coaching business, take some time to determine the correct coaching fees to charge.
Questions for Determining Coaching Fees
When you are starting out a coaching business, you should start with a business plan. As part of the business plan, you should also determine your coaching fees. When coming up with a number it's important to ask the following questions to yourself.
- What are the current rates for 1:1 coaching in my location?
- Should I charge an amount less than other coaches because I am new to this?
- Will my potential clients be discouraged if I charge as high as experienced coaches?
- Should I come up with more than just individual coaching fees such as group discounts and a discounted price?
- Where should I get feedback regarding my coaching price?
Current Coaching Rates:
It's not easy to answer these questions and does require some background work. According to a report from the Harvard Business Review, the range of coaching fees is from about $100 to $3000. Of course, it’s a huge range. The best way to determine your coaching fees is to ring a few coaches around your location and get an idea of how much they are charging based on the experience they have. This will give you an idea.
Does Low Experience Mean Low Coaching Fees?
In all honesty, yes, when you are starting out your fees need to be near the minimum border. But it is important to come up with a feasible number because if your coaching fees are too low clients might assume you don’t offer a valuable service. Make sure to not undervalue your services. You need to know and understand what services you are offering and balance that with the price you are putting on the coaching services.
Can a Coaching Fees Be Too High?
A very high coaching fee means you can discourage potential clients. It is only sensible if a client looks at both the experience and certification while comparing prices. If they call around and notice your fees are on the higher end but your experience or certification is low they are most likely to think you have overvalued your services. It is essential that you are confident in your services but that confidence shouldn’t hinder you from getting clients.
Should There Be More Than One Coaching Fees?
Your personal coaching fees should be simple and straightforward but should also have variety. Hence you should have some different kinds of fees such as individual fees, group discounted fees and also offer package discounts. Package discounts can include adding a specific group of sessions or adding an extra item in the package such as a book or videos.
How Do Clients View My Pricing?
The best way is to gain feedback. Periodically ask your clients for feedback including one for the pricing. Clients can have useful insights. If you don’t ask, you won't know. So be open to asking opinions and feedbacks from your clients regarding your service and your coaching fees.
We hope that this article helped you learn more about how to put a dollar value on your services. At the end of the day, being a coach isn't easy and it takes a lot of passion and sacrifice to do so. However, it is still a career and you should properly value your work and ensure that you are also getting what you deserve in compensation.
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